商学导论Cha 5Chapter 5 课后练习.doc
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商学导论Cha 5Chapter 5 课后练习.doc
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Chapter5
InvestinginaBusiness
Usingtheannualreportofthefirminwhichyouwouldliketoinvest,completethefollowing:
1 Eachannualreportcontainsanincomestatement,whichdisclosesthefirm’searningsbeforetaxes,itstaxes,anditsearningsaftertaxesoverthemostrecentyear.Searchforthetablecalled“IncomeStatement”anddetermineyourfirm’searningsbeforetaxes,taxespaid,andearningsaftertaxeslastyear.Whatproportionofyourfirm’searningswereeventuallypaidastaxes?
2Isyourfirminvolvedinfranchising?
Ifso,describeitsfranchises.Checkitswebsitetoobtainfranchiseinformation.
3 Describeanyconditionsmentionedintheannualreportthatexposethefirmtorisk.
4 Explainhowthebusinessusestechnologytoprovideinformationaboutitsformofbusinessownership.Forexample,doesitusetheInternettodisclosetheformofbusinessownershipituses?
5 Gotohttp//andlocatetheNEWSSEARCH.Typeinthenameofthefirminthespaceprovided,andreviewtherecentnewsstoriesaboutthefirm.Summarizeonerecentnewsstoryaboutthefirmthatappliestooneormoreofthekeyconceptsinthischapter.
CaseDecidingtheTypeofBusinessOwr~ership
PaulBazzanoandMaryAnnBoonearelifelongfriendsandhavedecidedtogointobusiness.Theyarenotsurewhatformofbusinessownershipandcontroltouse.Paulwouldliketoinvesthissavingsof$25,000,buthedoesnotwanttotakeanactiveroleinmanagingtheday-to-dayoperationsofthebusiness.MaryAnnisaself-starter,enjoyscookingandbaking,andhasavastnumberofpizzarecipes.Anexistingpizzabusinessisforsalefor$50,000.PaulandMaryAnnbothliketheideaofinvestinginabusiness.MaryAnnhas$5,000shewouldliketocontributeandbelievesthatbuyinganexistingbusinesshascertainadvantages.ShelikestheideathatPaulwillnotbeanactiveownerandthatshewillhavefullcontrolofthepizzaoperation.
Theexistingbusinesshassalesof$150,000andgeneratesearningsaftertaxesof$32,500.MaryAnnbelievesthebusinesscanbeexpandedandforeseesfuturegrowthbyexpandingintodifferentlocationsthroughouttheBostonarea.Sheprojectstwomorestoresinthenextfiveyears.
Questions
1Whatformofbusinessownershipwouldyourecommendforthisbusiness?
2 WouldMaryAnn’sformofownershipbeanydifferentfromPaul’s?
3 HowcouldPaulandMaryAnndeterminethereturnontheirinvestmentaftertheirfirstyearofbusiness?
AssumethatPaulandMaryAnncanborrowtheremaining$20,000neededtofinancethepurchasewhenansweringthisquestion.
4 Describetheriskofthisbusiness.
VideoCase:
OrganizationofAnnie’sHomegrownBusiness
WhenAnnWhitheyrealizedthatconsumersdidnotliketheorangecolorofpopcorn,shestartedabusinesstoproduceandsellwhitepopcorn.Shelaterdecidedtoexpandintoother“smartfoods”andobtainedthenecessaryfinancingfromexternalinvestors,calledventurecapitalists.In1989,Anndecidedtosellherfirmandstartanotherbusinessthatwouldfocusonnatural,organicfoods.
Anninitiallyestablishedherbusinessasasoleproprietorship.Shefocuseshertimeonbeingcreativeratherthanontheday-to-dayoperationsofthebusinessanddoesnotgotosalesmeetings.ThesmallsizeofAnnie’sHomegrownallowsforconsiderableflexibilityandenabledthecompanytogetnewproductstomarketquickly.Atthesametime,becauseofthecompany’ssmallsize,creditorsaskAnnherselftopersonallyguaranteerepaymentoftheloanswhenthecompanyobtainsfinancing.
Becauseofthepopularityoftheproducts,Annie’sHomegrownexpandedsubstantially.Itwentpublicin1996,allowingindividualinvestorstoinvestinthefirm,andprovidingAnnie’swithfundstosupportitsgrowth.
Questions
1 WhatarethecostsandbenefitsifAnnWhitheydecidedtokeepherbusinesssmallratherthanexpandintoaverylargebusiness?
2 WhatkindsofconditionsmightleadAnntoexpandherbusinessbyraisingequitycapital?
3 WhymightAnnprefertoobtainfundsbyborrowingratherthanthroughissuingstock?
4 WhenAnnneededfundingintheearlieryearsofherbusiness,shereliedheavilyonborrowedfunds.In1996,herfirmraisedfundsthroughtheissuanceofstocktothepublic.WhydoyouthinkthatAnnwasabletomoreeasilyraisefundsthroughherstockofferingin1996thanifsheattemptedthatfinancingstrategyintheearlieryearsofherbusiness?
5 DoyouthinkAnnwouldbenefitfromfranchisingherbusiness?
InternetApplications
1. nd_corporate/article3.asp
Examinethiswebsite.WhatdifferencesarepresentedherebetweenS-corporationsandcorporations?
Whatsimilaritiesarepresented?
Whatarethecostsandbenefitsofbothformsofbusinessownership?
2. http:
//smaIbizFilings.php?
mcid=1&scid=60
Examinetheinformationondifferentbusinessformsofbusinessownership.Clickon“DetailedStateIncorporation”information.Howdodifferentstateshandleincorporationlaws?
WhatbasicfactsofincorporatingcanyouidentifyundertheIncorporationFAQ?
Whatarethebasicstepsofforminganonprofitcorporation?
Dell’sSecrettoSuccess
Gotohttp:
//www.reportgaUandreviewDell’smostrecentannualreport.Also,gotoDell’swebsite(httpi/www.deI)andinthesection“aboutDell,”reviewthebackgroundmaterialaboutDellthatrelatestothischapter.
Questions
1 CouldDellhaveachieveditsexistinglevelofbusinessifithadbeenorganizedasapartnershipinsteadofacorporation?
Explain.
2 WhenMichaelDellcreatedthecompanyin1984,doyouthinkDellwasacorporation?
3 WhatdoyouthinkcausedDelltobecomeacorporation?
In-TextStudyGuide
TrueorFalse
1. Thelegalrequirementsforestablishingasoleproprietorshipareverydifficult.
2. Oneadvantageofsoleproprietorshipsisthatthisformofownershipprovideseasyaccesstoadditionalfunds.
3. Limitedpartnersareinvestorsinthepartnershipandparticipateinthemanagementofthebusiness.
4. Thelimitedliabilityfeatureisanadvantageofowningasoleproprietorship.
5. Whenacorporationdistributessomeofitsrecentearningstostockholders,thepaymentsarereferredtoascapitalgains.
6. Iftheboardofdirectorsbecomesdispleasedwiththeperformanceofthekeyofficers,theboardhasthepowertoreplacethem.
7. Publiclyheldcorporationscanobtainadditionalfundsbyissuingnewcommonstock.
8. Publiclyheldcorporationsarerequiredtodisclosefinancialinformationtotheinvestingpublic.
9.Toincorporateabusiness,onemustadoptacorporatecharterandfileitwiththestategovernmentwherethebusinessistobelocated.
10. Theformofownershipofafirmshouldnotbechangedunlesstherearemajortaxadvantages.
11. Distributorships,chain-stylebusinesses,andmanufacturingarrangementsareallcommontypesoffranchises.
MultipleChoice
12. Whenentrepreneursestablishabusiness,theymustfirstdecideontheformof:
a) divestiture.
b) globalexpansion.
c) jointventure.
d) ownership.
13. Thefollowingarepossibleformsofbusinessownershipexceptfora:
a) soleproprietorship.
b) partnership.
C) bureaucracy.
d) corporation.
14. Joewantstoformhisownbusiness.Hewantstogetstartedasquicklyandinexpensivelyaspossibleandhasastrongdesiretocontrolthebusinesshimself.Heisconfidenthewillbesuccessfulandwantstokeepalltheprofitshimself.Joe’sgoalsindicatehewouldprobablychoosetooperatehisbusinessasa(n):
a) limitedpartnership.
b)limitedliabilitycompany.
c) S-corporation.
d)franchise.
e)soleproprietorship.
15. Abusinessownedbyasingleownerisreferredtoasa:
a) partnership.
b) soleproprietorship.
c) limitedpartnership.
d) corporation.
e) subchapterS-corporation.
16. Adisadvantageofasoleproprietorshipisthat:
a) soleproprietorshaveverylittlecontrolovertheoperationsofthebusiness.
b) soleproprietorshaveunlimitedliability.
c) itismoredifficultandexpensivetoestablishthanotherformsofbusiness.
d) itsearningsaresubjecttohighertaxratesthanotherformsofbusiness.
e) soleproprietorsarerequiredtosharethefirm’sprofitswithemployees.
17. Partnershaveunlimitedliabilityina:
a) generalpartnership.
b) corporation.
c) limitedpartnership.
d) cooperative.
18. Inalimitedpartnership:
a) allpartnershavelimitedliability.
b) thepartnershipexistsonlyforalimitedtimeperiod,oruntilaspecifictaskisaccomplished.
c) thelimitedpartnersdonotparticipateinmanagementofthecompany.
d) thepartnersagreetooperateinalimitedgeographicarea.
e) nomorethan100partnersmayinvestinthecompanyatanyonetime.
19. Whentwoormorepeople,havingcomplementaryskills,agreetoco-ownabusiness,thisagreementisreferredtoasa:
a) partnership.
b)soleproprietorship.
c)cooperative.
d)corporation.
e)jointventure.
20. Afirmthathas100ownersorlessandalsomeetsothercriteriamaychoosetobeaso-called:
a) cooperative.
b) proprietorship.
c) jointventure.
d) S-corporation.
e) bureaucracy.
21. Ageneralpartnershipthatprotectsapartner’spersonalassetsfromthenegligenceofotherpartnersiscalleda:
a) limitedliabilitycompany.
b) cooperative.
c)privatecorporation.
d)masterlimitedpartnership.
e)protectedpartnership.
22. Acorporationis:
a) easiertoformthanothertypesofbusinesses.
b) astate-charteredentitythatislegallydistinctfromitsowners.
c) abusinessthatisownedandoperatedby
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